Global physical security market is set to grow from US$65.41 billion in 2015 to $105.26 billion by 2020, at a CAGR of 9.98%. The video surveillance segment is expected to be dominating the physical security market, having been projected to grow at the highest CAGR during forecast period of 2015 to 2020.
According to a new report from MarketsandMarkets, the global physical security market is set to grow from US$65.41 billion in 2015 to $105.26 billion by 2020, at a CAGR of 9.98% from 2015 to 2020.
The video surveillance segment is expected to be dominating the physical security market, having been projected to grow at the highest CAGR during forecast period of 2015 to 2020.
With the rise of global security concerns, including the increasing incidence of terrorist attacks, governments have increased budget allocation for implementing physical security systems and solutions in order to ensure security of their premises, assets, and people. These factors are expected to drive the growth of the physical security market in the coming years. Among the services, the system integration segment holds the largest share of the physical security market, while the maintenance and support segment is expected to grow at the highest CAGR during the forecast period.
These solutions help enterprises worldwide to maintain user identities and their related access permissions. A few systems, such as surveillance through traditional analog cameras, are being replaced with IP video surveillance because of the various benefits offered by IP networks. The shifts from analog to IP have led organizations to spend on technologies that are scalable and add security services in order to improve their business. This will enable the right individuals to access the right resources at the right time. Asia-Pacific is one of the emerging markets for physical security solutions and services.
The Global Physical Security Market Report primarily focuses on the various systems and services offered for implementing and maintaining suitable security solutions. The market has been segmented in terms of security systems, which include access control, video surveillance, perimeter intrusion detection, physical security information management, screening and scanning, and safety and security devices. The major services covered in the report are system integration, designing & consulting, and support and maintenance.
Presently, system integrators are in demand because of the customized needs of end users. Furthermore, the increasing crime and terrorism rate has posed a need for physical security solutions across different verticals.The report also covers key end-user verticals, such as BFSI, government & public sector, telecom & IT, among others. Furthermore, this report enumerates the key factors that are driving growth in this market, restraints and new opportunities in future.
The Physical Security Market Report further provides global adoption trends, future growth potential, and competitive benchmarking of leading players in this industry. These players include Anixter International, Cisco, Hewlett-Packard, IBM, EMC Corporation, Lockheed Martin, Schneider Electric, and CSC, who have been profiled in terms of their product offering, key strategies, and operational parameters.